Deutsche Bank to price knock-out securities linked to S&P 500 index

By Toni Weeks

San Luis Obispo, Calif., July 3 – Deutsche Bank AG, London Branch plans to price 0% knock-out securities due July 12, 2016 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

A knock-out even will occur if the index closes below the knock-out level – 60% of the initial level – on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus a digital return of 6.85% to 7.85%.

If a knock-out event has occurred and the index return is zero or positive, the payout will be par plus the greater of the index return and the step return, which will be 6.85% and 7.85%.

If a knock-out event has occurred and the index return is negative, investors will share fully in losses from the initial index level to the final level.

The exact digital return and step return will be set at pricing.

The notes are expected to price July 7 and settle July 10.

The Cusip number is 25152RLY7.

Deutsche Bank Securities Inc. is the agent.

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